Location is very important

[Sotherefore]

There are thousands of people who established different type business on the daily basis and some business are not likely to survive the first five years of establishment because of lack of proper planning and preparation.

Inasmuch as there are different causes of business failure location is the most important thing when establishing a business and every business is expected to be in a suitable location

When establishing a business it is always important for us to carry out a research to understand the type of people you are expected to attract into your business for e.g setting up a brick molding business will require you to attract people who are interested in building of Houses, establishing this type of business in well developed estate won't yield a desired result.

Generally a crowded and industrial location will be suitable for most business , in a crowded location you will meet different types of people and all these peoples will always be interested in one business or the other.

A settlement plays a very important role in the success of a business, there are two types of settlements , the rural settlements and urban settlements and when thinking of establishing a business it is always advisable for a business to be set up in the Urban settlements, this is where you are likely to meets the prospective customer depending on the type of business you are establishing..

Failure is likely to occur when the location of a particular business is not properly analyse.

 

[Chibson]

Location is one of the most important things any business man should consider before venturing into a business because when you don't have a good location there is a high possibility that there will be low patronage. any businessman who is in a very good location is already at an advantage over his competitors who are not in good location. It is better for you to spend more amount of money renting a shop in a very good location than spending less amount of money in a place that is not in a good location because on the long run you are probably going to benefit. Another thing you should look at when finding a location is the competition around that place.
Competition sometimes kills new businesses, that is the reason why it is very important for you to look for an area that does not have a lot of similar business in which you want to venture into.
As a new business when you operate in a monopolistic market there is a very high chance that you would succeed and become successful in that business line and this is one thing that a lot of people do not understand when they want to venture into a business. As long as it is very important to be competitive but it's more beneficial to look for an area that will allow you to be monopolistic.

 

[PICKFORD]

As mankind keep developing and as the world keep changing new businesses are being brought into existence as a result of increasing number of young entrepreneur as well as increasing number of business ideas and knowledge, but there is one thing that a lot of people do not put into consideration which are the factors that dictate that determine a lucrative and well-established business, it is also important to know the factors that determine a good business are not fixed they keep on changing as we move forward and as technology keeps improving.

There is no doubt that one of the factors to put into consideration which determines the successful rate of a business is location , location play a vital role in a business live this is so true Because location will make you exposed to the public or to the population which in turn makes them to patronize you based on the kind of services or goods and commodity you sell or offer , to run it up if you are dealing on abusiness that require the act of buying and selling you surely need population or you need to centre your business in an area where there is high rate of population.

 

[Kingsley]

In the planning stage on how to start a business we put alot into considerations, and one of the major things we alway consider the most after answering the folIowing question as to what to produce, for whom to produce, how to produce and how to distribute that which has been produced to the final consumer, then the question of where to sight business will come into play because we will begin to look out for a place where the target audience will be able to have easy access to the final produce. And again we consider where we will be to have good proximity to our raw materials.


Having a very good location reduces your cost of production, since we are close to the raw material this will reflect in the cost of producing the goods or services as the business will not incure much expenses in the production stage, hence saving the business organization alot that would have been spent in the production process.

Again when the business organization is sighted closer to the target audience it will save the organization the cost that would have been incured in transporting the goods and services to the final consumer, there by increasing the overall sales volume and profit.

 

[Immilash]

the arranging stage on the best way to begin a business we put alot into contemplations, and one of the significant things we alway consider the most subsequent to addressing the folIowing question concerning what to create, for whom to deliver, how to create and how to convey what has been created to the last shopper, then, at that point, the subject of where to locate business will become an integral factor since we will start to pay special attention to a spot where the ideal interest group will actually want to have simple admittance to the last produce. Also again we consider where we will be to have great vicinity to our natural substances.

Having an awesome area lessens your expense of creation, since we are near the natural substance this will reflect in the expense of delivering the labor and products as the business will not incure much costs in the creation stage, consequently saving the business association alot that would have been spent in the creation cycle.

Again when the business association is located nearer to the interest group it will save the association the expense that would have been incured in moving the labor and products to the last shopper, there by expanding the general deals volume and benefit.

 

[funmi]

We can not really over emphasize on this topic of location as some people are really struggling in their businesses as a result of their lack of understanding in this aspect. Some actually over looked this aspect during their course of planning process they never saw the relevance of having a very good location that will give them both production advantage and market advantage they felt any where they sight the business will do the trick.

But they eventually get disappointed when it turns out to be the other way around this is why we must always ensure that we sight the business in the right location. When take a study at the top business men and women in Nigeria we will discover that they take their time to plan their business location so well, just like Dangote one of the richest business man in the world he design his plans to always fit in with good location that will always work with his business plans. He is from the northern part of Nigeria and he has decided to mount his business in the southern parts because he knows the benefit that can be derived from establishing his business in the southern parts which is much more peaceful and with more educated people and a more wider market.